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Finance director reports cash position, due-to/due-from balances and pension payments
Summary
The borough's finance director reported year-to-date receipts, expenditures, outstanding interfund balances, a general fund net loss, and noteworthy payments including pension contributions and a workers' compensation audit settlement.
The finance director presented the monthly financial report for the year ended March 31, saying the borough booked $2,365,158 in receipts, spent $1,794,124, and ended the month with $25,267,620 across all funds.
The director highlighted a new schedule listing “due to / due from” balances. The first 12 accounts total a little over $2.4 million and represent routine interfund liabilities (for example, the general fund paying payroll for sewer employees). Four older balances, tied to dormantly used funds dating to 2014–2015, remain on the books; the director said she will seek council permission later this year to write those off to clean up the audit reconciliation.
On the general fund, the director said the fund showed a net loss of $354,127 year to date but that she expects operations to return to positive within months when real estate and other receipts post. She said year-to-date collections trailed last year by about $48,000 but that liened real estate tax collections sent to Portnaw for collection were improving.
The report noted the borough made its first-quarter maintenance-of-number (MNO) payments to pensions: $650,000 to the police pension fund and $120,000 to the nonuniform pension fund, funded from the 0.25% EIT cash account.
Staff also reported enterprise funds — parking and wastewater — were showing net income year to date and that liquid fuels allocation was expected to be booked April 10. Separately, the finance director pointed to a $92,595 payment to AmTrust Financial following a workers’ compensation audit; staff said years vary and that additional detail will be provided at a future work session.
Council asked clarifying questions about the due-to/due-from listing, the proposed write-offs of dormant funds, and the newly added descriptions column in the check register. The meeting moved on after the finance director took those questions.
